Silver prices on Tuesday soared in Indian markets, in tandem with firm global rates. Silver prices today surged by Rs 1,495 to Rs 55,510 per kg in futures trade as participants widened their bets on firm spot demand and global cues. On the Multi Commodity Exchange (MCX), September silver futures gained Rs 1,495, or 2.4 per cent, to Rs 55,510 per kg in 18,458 lots.
According to analysts, the rise in silver prices was mostly on the back of fresh positions built up by participants on a positive domestic trend. At 3:36 pm Silver futures were trading 2.39% or Rs 1,293 up at Rs 55, 298 per kg. Note that in the previous session, the precious metal had surged Rs 1,150 per kg.
Silver was trading up by 2.69 per cent at $20.74 an ounce in New York In global markets, silver breached the $20 level for the first time since September 2016. Silver jumped 1.6% to $20.22, its highest since August 2016. “Silver is starting to outperform gold here. On the one hand, it’s obviously appreciating on the basis of increased appeal for precious metals,”.
Gold price:
Gold on MCX today was trading 0.23% or Rs 113 above at Rs 49,140 per 10 gram. The precious metal hit a new high of Rs 49,348 earlier this month. However, gold prices have remained choppy in recent days. In global markets, Gold rose to a nine-year high as expectation of higher inflation from increased stimulus overshadowed the resultant gain in risk appetite.
Spot gold was up 0.4% at $1,822.11 per ounce after hitting its highest since September 2011.
U.S. gold futures rose 0.4% to $1,823.80. As per experts, stimulus is really driving the gold market and ‘we are going to get more of it’. Stephen Innes, chief market strategist at financial services firm AxiCorp told Reuters, “It’s the eye candy that’s driving sentiment right now,”
